Subject to & Seller Financing

[Ronnie Tejeda]

Whats's going on everyone! Glad to be apart of this amazing group.

Has anyone ever done a subject to, or seller financing deal? 

I imagine so, can you please break it down STEP BY STEP exactly how it works if you were wholeTAILING a deal. 

Ex. buying a property 60-70 cents on the dollar and selling it via mls, using a realtor to sell it at 100% "as is" market value. 

I know there are a bunch of videos and articles out there but maybe someone can explain it in the simplest terms and give me a real-life example from their personal experience.

I kind of understand the general concept of the 2 different deals but not completely knowledgeable yet to feel comfortable to the point where I can present this offer to a potential prospect. 

By the way, I've heard both of these deals are better than all-cash deals as if your buying the property to then re-sell.  Please state your opinions below and your why's.

Thank you!

[Steve Vaughan]

I'd probably give the seller $7500 for a quitclaim or special warranty deed, recod it, then sell to your buyer through a title co. Proceeds from the sale will satisfy all mortgages, liens and sales commissions, giving you what's left over. 

Before I bought, I would order a full L&E from a title co so you are sure who owns and owes what.

Here in WA we have insane transfer taxes, so I'd do it differently. If your state has high transfer taxes, consider just obtaining an option from your seller and assigning to the buyer for your net.